AVT Posts Strong Third Quarter Financial Result
Hod-Hasharon, Israel - Advanced Vision Technology Ltd (AVT, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL001837248), a supplier of automatic inspection and quality assurance solutions for the printing, packaging and label converting industries, announced sales for Q3 2006 of US $7.2 million, 15 percent above the same period in 2005, and up three percent during Q2 2006.
Net income for the quarter rose 21 percent to US $1.3 million (US $1.0 million for the same period percent to US $4.2 million (US $2.9 million for the same period in 2005).
New order bookings for Q3 totalled US $8.5 million (an increase of 32.4% over the same period in 2005). Strong US and South East Asian orders contributed significantly to the Q3 growth.
“In what is traditionally the weakest quarter of the year, AVT has delivered an outstanding result with record order bookings and increased profitability,” said Shlomo Amir, AVT’s President and CEO.
“AVT continues its dominant position in the global packaging and labels web-printing markets. At Labelexpo Americas, in Chicago, AVT demonstrated its leadership with a stand demonstrating its complete product offering, as well as having a presence on the stands of eight other leading manufacturers of labels presses and rewinders,” Shlomo Amir continued.
Service revenues continue to grow as the installed base expands. Service revenues for the first nine months of 2006 totalled US $1.4 million, an increase of 53.7 percent over the first nine months of 2005 (US $942 thousand).
“We are very proud of our Q3 performance, and with the recent entry into the sheet-fed market, we remain optimistic about our prospects for continued growth,” Shlomo Amir concluded.